Exploring Key Insights of the In Vitro Diagnostics Market: Growth Prospects, Emerging Trends, and Opportunities
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How has the in vitro diagnostics market grown over the years?
The market size for in-vitro diagnostics has experienced substantial growth in the previous years. It’s projected to rise from $130.74 billion in 2024 to $149.01 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 14.0%. The historic period’s growth is owing to the emergence of automated analyzers and molecular diagnostics, an increase in the elderly population, disease outbreaks, healthcare legislation, and precision medicine.
What Is the forecasted market size and growth rate for the in vitro diagnostics market?
The market size for in-vitro diagnostics is anticipated to experience a swift expansion in the upcoming years, scaling up to $232.69 billion by 2029 with a compound annual growth rate (CAGR) of 11.8%. Factors that are contributing to the projected growth within this forecast period include advances in precision medicine, point-of-care testing, digital health and data analytics, and readiness for pandemics. Key trends for the forecast period are expected to be technological innovation, integration with digital health, tailored diagnostics, home testing kits and molecular diagnostics.
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What are the major factors driving growth in the in vitro diagnostics market?
The growing trend of using self-administered test kits is poised to boost the in vitro diagnostics market’s expansion. These kits are medical or diagnostic tools that individuals can use independently without requiring healthcare experts or trained staff to facilitate the test at home. The kits improve access by allowing people to carry out these diagnostic tests at their homes, providing comfort and possibly amplifying the demand for testing, specifically for conditions previously unidentified. For example, data from the United States-based national public health agency, the Centers for Disease Control and Prevention, showed a notable rise in the usage of at-home COVID-19 tests amongst U.S. adults aged 18 and above, from the Delta-dominated period (August to December 2021) to the Omicron-dominated period (December to March 2022) in April 2022. The utilization of at-home tests amongst participants who noticed COVID-19-like symptoms rose from 5.7% to 20.1%. As such, the increasing preference for self-administered test kits will fuel the in vitro diagnostics market’s growth.
What key areas define the segmentation of the global in vitro diagnostics Market?
The in vitro diagnostics market covered in this report is segmented –
1) By Type: Point-of-Care Diagnostics Devices And Equipment, Immunochemistry Diagnostic Devices And Equipment, Clinical Chemistry Diagnostics Devices And Equipment, Molecular Diagnostics Devices And Equipment, Microbiology Diagnostic Devices And Equipment, Hemostasis Diagnostic Devices And Equipment, Hematology Diagnostic Devices And Equipment, Immunohematology Diagnostic Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables
Subsegments:
1) By Point-Of-Care Diagnostics Devices And Equipment: Blood Glucose Monitoring, Pregnancy And Fertility Testing, Infectious Disease Testing, Cardiac Markers Testing, Coagulation Testing
2) By Immunochemistry Diagnostic Devices And Equipment: Enzyme-Linked Immunosorbent Assay (ELISA), Radioimmunoassay (RIA), Western Blot, Immunofluorescence Assay, Chemiluminescence Immunoassay (CLIA)
3) By Clinical Chemistry Diagnostic Devices And Equipment: Blood Glucose Testing, Cholesterol Testing, Liver Function Testing, Kidney Function Testing, Electrolyte Testing
4) By Molecular Diagnostics Devices And Equipment: PCR (Polymerase Chain Reaction) Instruments, Next-Generation Sequencing (NGS) Instruments, Microarray Instruments, FISH (Fluorescence In Situ Hybridization) Devices
5) By Microbiology Diagnostic Devices And Equipment: Microbial Culture Systems, Automated Identification Systems, Antimicrobial Susceptibility Testing Systems, Blood Culture Systems
6) By Hemostasis Diagnostic Devices and Equipment: Coagulation Analyzers, Thromboelastography Systems, Platelet Function Analyzers, Clotting Factor Analyzers
7) By Hematology Diagnostic Devices and Equipment: Hematology Analyzers, Hemoglobin Testing Systems, Complete Blood Count (CBC) Devices, Blood Cell Counters
8) By Immunohematology Diagnostic Devices and Equipment: Blood Typing Systems, Crossmatching Systems, Antibody Screening Systems, Blood Bank Analyzers
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What are the top market players propelling the growth of the in vitro diagnostics industry?
Major companies operating in the in vitro diagnostics market include Siemens Healthineers, F. Hoffmann-La Roche AG, Danaher Corporation, Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., Alere Inc., Arkray Inc., Becton, Dickinson and Company (BD), Bio-Rad Laboratories Inc., bioMérieux SA, Grifols SA, Hologic Inc., Werfen SA, Laboratory Corporation, Luminex Corporation, Ortho Clinical Diagnostics, PerkinElmer Inc., Qiagen NV, Quest Diagnostics Inc., QuidelOrtho Corporation, Sysmex Corporation, Illumina Inc., Menarini Silicon Biosystems SPA, SpeeDx Pty. Ltd., GENSPEED Biotech GmbH, Accelerate Diagnostics Inc., Merck KGaA, Caris Life Sciences Inc., Bio-Techne Corporation, Myriad Genetics Inc., Genomic Health Inc., Exact Sciences Crop., Natera Inc., Invitae Crop., Veracyte Inc.
What are the key trends shaping the future of the in vitro diagnostics market?
In an attempt to bolster their profitability, key players in the in vitro diagnostics market are concentrating on the creation of innovative products like the Cobas pulse system. The Cobas pulse system is an advanced professional blood sugar management solution enriched with mobile digital health functionalities to elevate the level of patient care. For example, in January 2022, Roche Diagnostics, an American company known for its pioneering products and services aimed at disease prevention, diagnosis, monitoring, screening, and treatment, introduced the Cobas pulse system. This compact device comes with an automatic glucose test strip reader, a camera, and a touchscreen for capturing additional diagnostic information. The easy-to-use interface is conceived for seamless adoption and includes handy features that reduce work, save time, and improve working procedures.
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What regions are dominating the in vitro diagnostics market growth?
North America was the largest region in the global in-vitro diagnostics market in 2023. Asia-Pacific was the second largest region in the global in-vitro diagnostics market. The regions covered in the in-vitro diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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